Two Commercial Properties - Texas: Both properties are under long term lease, have great location and are in very good condition. They have been on the market for $900,000. The owners need to liquidate ASAP as they are in financial trouble with other property. They have accepted an offer of $500,000. Lease income is $12,000 per month. Appraised value is in excess of $750,000. My partners and I are able to offer 30-50% down. Seeking financing for the balance.
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30-50% Down Seeking Financing for Balance 
7 posts by 7 users
- 168 posts
- 4 awards
- 50 influence
Gil, I am a hard money and commercial mortgage broker. Your post doesn't go into why the properties have not sold for near market or the vacancy percent. I'd like to discuss this with you in greater detail. I work with both hard money and commercial lenders who fund these loans in Texas.
Joel Soforenko
Continental Finance Service
Springfield, MA
[EMAIL AND PHONE NUMBER REMOVED, PUT IT IN YOUR SIGNATURE]
- 180 posts
- 50 influence
Sounds great so far!
Except have you already paid an appraiser? If so, why didn't it close with the last lender?
If not, how did you arrive at the value?
What exact type of property?
Are the leases NNN? or ???
Not sure how you valuated the property but I come up with a value of $600k, paying $500k is a minor discount (16.7%%) but nothing to write home about.
Perhaps you can fill us in on more details.
Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com
- 12 posts
- 50 influence
Hi Gil, depending on what type of commercial they seem viable. I am a nationwide commercial lender.
Can do:
65% purchase loan . Requirements are 1.25+ DSCR, min 90% occupancy, net worth larger than loan amt and min fico of 650. 1 yr fixed recast 6.25%, 3 yr 6.5%, 5yr 6.75%
Borrower can make principal reduction up to 20% annually.
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